Ethereum Consolidates Near $2,400 Amid ETF Outflows, Eyes Breakout
Ethereum tested the lower boundary of its six-week trading range around $2,360–$2,400, slipping to an intraday low of $2,372 before rebounding to $2,445. Spot ETH ETFs saw their largest single-day June outflow of $11.3 million, led by BlackRock’s ETHA with $19.7 million redeemed, while Grayscale’s ETHE and VanEck’s ETHV saw moderate inflows. High trading activity accompanied the sell-off, with 24-hour volume surging 19% above the seven-day average. Technical indicators point to a new support zone at $2,420–$2,430 and an ascending trendline, with key resistance at $2,480–$2,500. Converging 50-day ($2,287) and 100-day ($2,640) moving averages suggest compressed volatility. A decisive move above $2,500–$2,700 could spark a bullish breakout and broader altseason, while a drop below $2,360 risks sliding toward $2,100. Traders are also watching the ETH/BTC ratio near support, which may signal rotation back into altcoins if Ethereum stabilizes or rallies.
Neutral
This mixed outlook reflects both bullish and bearish factors. ETF outflows and a test of key support at $2,360 introduce downside risk, while high trading volume, a solid support zone at $2,420–$2,430 and convergence of major moving averages suggest a stable base. A break above $2,500–$2,700 would likely trigger renewed buying interest and broader altcoin momentum, whereas a failure to hold $2,360 could accelerate selling toward $2,100. Traders should watch the ETH/BTC ratio for clues on altcoin rotation, as stabilization here could underpin a bullish shift. In the short term, volatility may persist but the consolidated range offers clear levels for entries and exits; in the long term, a decisive breakout or breakdown will shape Ethereum’s trend and broader market sentiment.